The owners of the Los Altos Hills and the real estate agent Michael Repka have agreed to increase the price for the hottest location of the luxury houses, to a record premium.
Ante-up Bay is one of the most sought-after regions in Silicon Valley where the houses are normally luxury homes and according to the real estate agent, by this spring the luxury homes are likely to go over $6 million in the real estate market.
The selling price is expected to increase by 5% to 10% on average. Michael Repka stated that this increase is predicted following the demand of the properties in the market. He stated that “a crazy bidding war” is expected to break out as they have put a recently renovated villa on the market, on a trial basis.
A recently decorated four-bedroom house which is a luxury home by all means such as the top-notch appliances, the walnut floors, European styling, gourmet kitchens, pool, and various other means of entertainment, was put on the market and three families were so eager to buy it that a war broke out amongst them. Finally, after rigorous bidding, one of the families cracked the deal at a whopping $7.5 million.
Repka is the CEO of DeLeon Realty; stated that in recent months the prices have surged up as “buying luxury homes has become a feeding frenzy.” He stated that most of their clientele are “incredibly successful and have a habit of not giving up thus rigorous bidding”
Almost 1000 luxury houses are listed in the Ante-up bay area and a significant price hike has been observed this year. The homes in Silicon Valley usually sell out for around 5% over the listed prices but this year the real estate agents are anticipating much more.